It can be expected that costs associated with cybercrime will rise in the near to medium term and have a material impact on the global economy – while putting individual citizens’ and corporations’ important data at risk by cyber criminals. The White House estimates that in 2016, malicious cyber activity cost the U.S. economy between $57 and $109 billion. Since then, we have seen significant data theft and system intrusions, Yahoo, the NSA and of course Equifax, among many others. According to a Cybersecurity Ventures report issued in late-2017, cybercrime damage is estimated to reach $6 trillion annually by 2021. Due to the convergence of an escalation in the number of security vulnerabilities, an increase in hacker capabilities and tools as well as new legislation being enacted in the European Union, the estimated costs due to cybercrime may be conservative. Increase in the Number of Vulnerabilities According to the Common Vulnerabilities and Exposures database, the number of known security vulnerabilities reached a record level in 2017 of more than 14,700. In 2018, the number climbed to more than 16,500 known vulnerabilities. It is clear from this trend that it is becoming an increasingly challenging exercise to harden information technology infrastructure from cyber-attacks.READ MORE

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